DETROIT — For the first time in nearly seven years, Detroit’s car companies are all making money.

Chrysler, the last of the three to return to profitability, said Monday it earned $116 million in the first quarter on revenue of $13.1 billion. The company, which emerged from bankruptcy protection a little less than two years ago, hadn’t reported net income since 2006.

General Motors, which also went into bankruptcy in 2009 and took billions in government aid, has reported four profitable quarters and held an initial public offering in November to help repay its loans. Ford, which didn’t take bailout money but nearly filed for bankruptcy five years ago, recorded its eighth consecutive quarterly profit last week. Ford’s 2010 profit of $6.6 billion was the highest in a decade.

“It’s kind of miraculous,” said Van Conway, a consultant and founder of turnaround firm Conway MacKenzie. “If all of us were to put ourselves back in 2009, could we imagine that GM could have done an IPO and these companies would be enjoying this level of profit? I don’t think so.”

It’s the payoff for cutting staff, plants, car brands and wages during the recession and bankruptcy. At the same time, car sales are rising as the economy improves. Detroit is also taking away customers from Toyota, which was hurt by safety recalls last year and the recent Japanese earthquake.

The results are a triumph for Chrysler CEO Sergio Marchionne, who bet that he could remake the company the same way he turned around Italian automaker Fiat six years ago. But he remains wary of declaring victory.

“Success is incredibly temporary. The first quarter is done, but we’ve got a lot of quarters to do,” he said.

Marchionne said Chrysler expects to earn $200 million to $500 million this year. That would help the company reach its goal of having a public offering later this year or early next. Investors want to see a string of profitable quarters before the IPO happens.

Chrysler’s sales rose 18 percent worldwide in the first three months of 2011. New models are helping. U.S. sales of the revamped Jeep Grand Cherokee SUV jumped 64 percent in the latest quarter. Sales of the Chrysler 200 sedan more than quadrupled over those of its predecessor, the Sebring.